PBOC fixes USD/CNY reference rate at 6.3664 versus 6.3677 prior

The People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3664 versus the previous release of 6.3677, while crossing the market expectations of 6.3635 during Tuesday's Asian session.

More to come

About the fix

China maintains strict control of the yuan’s rate on the mainland.

The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.

Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day closing level and quotations taken from the inter-bank dealer.